Posted on: 19th Aug, 2009 08:55 pm
I have two properties, one house and one townhouse. Even though I am married , I alone am the only person listed on the mortage and property documents. I am about to go to a forecloure status on the townhouse. If a judgement is placed against me, and the lender goes after my equity that I have built-up in from my house, will a quticlaim to my wife prohibit that
Hi mercy!
Welcome to forums!
If you quitclaim the property to your wife now, it can be taken as a fraudulent transfer by the lender and he may penalize you. If your townhouse is foreclosed by the lender, he can sue you for the deficient amount resulting from the sale of the property. If you pay it off, then the lender will not place liens against your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you quitclaim the property to your wife now, it can be taken as a fraudulent transfer by the lender and he may penalize you. If your townhouse is foreclosed by the lender, he can sue you for the deficient amount resulting from the sale of the property. If you pay it off, then the lender will not place liens against your property.
Feel free to ask if you've further queries.
Sussane
It will surely have a bad effect on your overall credit because if your lender put a lien on your property then it will badly affect your score so it is not at all advisable at this stage to go for foreclosing and transferring the equity to your wife's name because you will put your own house also in danger because lender may come behind your own house also where you are currently living.